Hive Digital has become a data center infrastructure provider that has become a bitcoin miner, reporting record revenue and revenue for the first quarter.
In the first quarter of 2026, Hive generated $45.6 million in total revenue. Digital Currency Mining donated $44.8 million, up 44.9% from the last quarter. The rising value of Bitcoin has further supported the company’s performance.
Revenue from the HPC division, which operates under the Buzz HPC brand, rose 59.8% to a record $4.8 million.
On an adjusted basis, revenue totaled $44.6 million.
Mining remains Hive’s major revenue driver, but the company is increasingly utilizing advanced AI chips to expand its HPC business. Executives Frank Holmes and Aydin Killick told Cointelegraph that the HPC segment is aiming to reach an annual occupancy rate of $100 million by next year.
The company’s stock fell slightly in its earnings report, with Hive finally seeing a deal of around $2.20.
Hivestock has been down 23% since the start of the year. sauce: Yahoo Finance
Hive isn’t the only Bitcoin miners that benefit from the Crypto Bull Market. Last week, CleanSpark reported record revenue and profits boosted by a surge in BTC prices.
Similarly, last month, Mara Holdings recorded a sharp increase in revenues due to higher Bitcoin valuations and expansion of its mining business.
Related: Bitcoin miners and AI companies compete for cheap sustainable energy
AI pivots in the Bitcoin mining industry continue
The Hive was one of the first Bitcoin miners to reuse some of the HPC and AI infrastructure. This is a trend that is only accelerating across the industry.
Earlier this week, Terawulf announced a $3.7 billion AI hosting agreement with Fluidstack, an AI infrastructure provider with Google Bucking Fluidstack lease obligations. In return, Google received 41 million shares as part of the transaction.
Core Scientific is a notable example of a Bitcoin miner that has revived its struggling business after the AI pivot filed for Chapter 11 bankruptcy in the last Crypto Bear market. The company was later acquired by CoreWeave in a $9 billion deal.
HUT 8 deploys over 1,000 NVIDIA H100 GPUs as part of its expansion into cloud-based AI computing. In its latest quarterly revenue report, the company said it is working to “commerce AI data center opportunities.”
https://www.youtube.com/watch?v=3_b-7ctsvhy
Related: Jack Dorsey’s Block targets the 10-year life cycle of Bitcoin mining rigs